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Inside Washington (06/24/2008)

* WASHINGTON (6/25/08)--An application by Cerberus Capital Management LP to permanently retain an industrial loan company (ILC) may spark old tensions about ILC ownership (American Banker June 24). Two years ago, the Federal Deposit Insurance Corp. (FDIC) granted the company permission to acquire the ILC as an exception to a moratorium the agency placed on ILC applications. The FDIC’s approval of the application expires in November, and a vote that was expected to take place last week has been tabled. A spokesman for the agency said Cerberus’ application is being processed ... * WASHINGTON (6/25/08)--About $26.6 million has been distributed to 250 investors as part of a settlement with the Securities and Exchange Commission (SEC) and Bank of America Securities (American Banker June 24). The SEC alleged that Bank of America published false research from January 1999 to December 2001 on three companies. The research was available to traders before clients, according to the SEC’s claim. Bank of America neither denied nor admitted the SEC’s charge. The case was settled in March 2007 ...